Overnight, U.S. stocks opened high and continued to rise, with all three major indices closing up. The Nasdaq rose by 1.77%, the S&P 500 rose by 1.26%, and the Dow Jones rose by 0.8%. Among them, the Nasdaq and S&P 500 ended a five-day losing streak, while the Dow ended a four-day losing streak. Tesla rose over 8%, marking its largest single-day increase since November 12 last year; Nvidia rose over 4%, marking its largest single-day increase since November 20 last year. The cryptocurrency market rebounded across the board, with Bitcoin and Ethereum both showing strong bullish candles that touched the middle band, breaking away from the oscillation range. Some established narrative coins experienced strong gains, with SOL regaining above 210, DOGE testing the 0.39 mark, and ADA increasing again! The current correction cycle is likely nearing its end, and we are about to enter the sprint phase of this bull market!!
The altcoin season is bound to come!! Unless Ethereum never rises, Ethereum itself represents altcoins. As Bitcoin's price and funds reach new heights, they will inevitably flow into other coins; otherwise, how can we create a higher FOMO sentiment to harvest global retail investors? The 25-year expectation for altcoins relies not only on the altcoin ETFs but also on the strength of interest rate cuts. Currently, Bitcoin and altcoins are in two different classes. Bitcoin's new high will definitely come, but altcoins still depend on the excess funds. If there are no issues, the next interest rate cut is expected in March. If one month between January and March shows particularly good data, the Americans will also consider further cuts, and institutional money will remain in the market. What we can do is to choose quality assets to ambush in advance and hold the coins to wait!
Yesterday, Bitcoin faced resistance at the high of 97777 and retested, reaching a low of 96081 without breaking effective support. Subsequently, bulls began to consolidate and gather strength. By the evening, bulls started to exert pressure and began to recover lost ground, reaching a high of 98978. From the current market perspective, BTC's continuous wide-range oscillation over several days is finally expected to break through. I mentioned several times in yesterday's live broadcast that 97500 is a key level; a breakout would allow for continued bullish chasing, and indeed, the market moved upward as expected. Currently, the daily level has formed a structure of four consecutive upward candles, successfully breaking through the middle band of the Bollinger Bands. Market sentiment is continuously warming, and prices are rising steadily; breaking above is just a matter of time. The upcoming weekend market is not expected to have significant fluctuations, and it is anticipated to move sideways instead of downward, so intraday trading should focus on buying low.
Ethereum followed Bitcoin's breakout from the range to make a strong rebound, retreating from a high of 3517 to 3421 before rebounding at the bottom and rising to a high of 3627. In terms of daily structure, the candlestick has formed consecutive upward movements, breaking through the upper resistance on the daily chart. Relatively speaking, the upper space is obvious, and bulls are expected to continue moving upward. The short-term rhythm on the 4-hour chart is gradually rising, with not much retracement in the short term, indicating a structural change. However, it should be noted that the rebound on the hourly chart has somewhat converged, and the short-term needs to pay attention to actions of retracement after rising. Currently, the focus should be on buying low.